Mojonnier & Sons, Inc. v. Commissioner
United States Tax Court
Petitioner was organized in 1930 and acquired all the assets and business of F. E. Mojonnier and his wife, the transferors. Several years prior to the petitioner's organization, the Mojonniers induced their son and son-in-law to enter their business and promised that stock would be issued to them when petitioner was organized.
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Petitioner was organized in 1930 and acquired all the assets and business of F. E. Mojonnier and his wife, the transferors. Several years prior to the petitioner's organization, the Mojonniers induced their son and son-in-law to enter their business and promised that stock would be issued to them when petitioner was organized. Upon petitioner's organization in 1930, F. E. Mojonnier offered to convey to it the assets of the business in exchange for a specified number of shares to be issued to him and others named in the offer. The transferors, after the transfer of the assets to petitioner,…
1Opinion of the Court
OPINION.
Black, Judge-.
The principal question for determination in this proceeding is whether, for the purpose of determining the petitioner’s equity invested capital under section 718 (a) (2) of the Internal Revenue Code1 for the years 1942 and 1943, the petitioner is entitled to include property paid in for stock at cost to it when acquired on February 26,1930, at the time of its organization, or required to use the adjusted cost of such property to F. E. Mojonnier and his wife, the transferors, on that date. Petitioner contends that in the computation of its equity invested capital it is…
2Cases cited3 opinions
- Elmhurst Cemetery Co. of Joliet v. CommissionerSupreme Court of the United States · 1937
- Finlay v. SwirskySupreme Court of Connecticut · 1925
- Independent Oil Co. v. CommissionerUnited States Tax Court · 1946
3Cited by3 opinions
- D'Angelo Assoc., Inc. v. CommissionerUnited States Tax Court · 1978
- D'Angelo Assoc., Inc. v. CommissionerUnited States Tax Court · 1978
- Mojonnier & Sons, Inc. v. CommissionerUnited States Tax Court · 1949